Stock Market Today: Sensex, Nifty Rebound After Two-Day Drop As Financial Services Stocks Lead

The yield on the 10-year bond closed flat at 7.22% on Thursday.

Source: Bloomberg

-The local currency strengthened 6 paise to close at 83.23 against the U.S dollar on Thursday.

-It closed at 83.29 on Wednesday.

Source: Bloomberg

Gains in the shares of financial services companies pulled the indices to end higher after two consecutive sessions of fall.

The Nifty rose 151.25 points or 0.70% to close at 21,668.60 points and the Sensex ended at 71,889.05, up 0.75% or 532.45 points.

"Technically, after a short-term correction, the index took the support near 21500/71300 and bounce back sharply," said Shrikant Chouhan, headof equity research at Kotak Securities. "We are of the view that, the intraday texture of the market is bullish but the sentiment could change if the index slip below 21550/71500."

He added, "For the bulls now, 21550/ 71500 would act as a trend decider level, above the same the market could continue  rally till 21700 -21750/72100-72350. On the flip side, below 21550/71500 the selling pressure is likely to accelerate. Below which, it could retest the level of 21500-21425/71300-71100."

Shares of HDFC Bank Ltd., Bajaj Finance Ltd., Infosys Ltd., Axis Bank Ltd., and NTPC Ltd., contributed the most to the gains.

Meanwhile, those of Tata Consultancy Services Ltd., HCL Technologies Ltd., Hindustan Unilever Ltd., Mahindra & Mahindra Ltd., and UltraTech Cement Ltd. capped the upside.

All sectoral indices advanced with Nifty Realty jumping by 6.69%, significantly higher than the other indices. On the other hand, Nifty Auto and Nifty Metal closed marginally higher.

The broader markets outperformed benchmark indices. The S&P BSE Smallcap Index rose 1.08%, whereas S&P BSE MidCap Index was 1.53% higher. On BSE, 19 out of 20 sectors advanced, while one declined.

S&P BSE Realty rose 6.52% and was the top gainer among sectoral indices. S&P BSE Auto declined 0.04% and was the loser among sectoral indices.

The market breadth was skewed in favour of the buyers. About 2,568 stocks advanced, 1,262 declined, and 111 remained unchanged on the BSE.

- Signs MoU with Gujarat Govt to invest `12,000 cr by 2028

- Signs MoU for investment in manufacturing of chemical and petrochemicals products

Source: Exchange Filing

• Gets order for GST penalty worth Rs 1.69 crore from Secunderabad GST Authority

• Penalty levied for the period from July 2017 to March 2020

Source: Exchange Filing

- 1.96 crore shares changed hands in two large trade

- 0.3% equity changed hands at price band of Rs 84.25 to Rs 84.50 apiece

- Buyers and sellers not known immediately

Source: Bloomberg

Orders to be executed over FY24 and FY25

Source: Exchange Filing

• Maharashtra Govt confers 'mega project' status to co's Solapur expansion project

• Status conferred under Package Scheme of Incentives with proposed investment of Rs 750 crore

Source: Exchange filing

India's benchmark stock indices extended gains through midday on Thursday, led by advances in Bajaj Finance Ltd., NTPC Ltd. and Axis Bank Ltd. 

As of 12:01 p.m., the S&P BSE Sensex was trading 0.64%, or 457.13 points, higher at 71,813.85, while the NSE Nifty 50 rose 0.58%, or 123.30 points, to 21,644.80. The Sensex hit intraday high of 71,862.41 and the NSE Nifty 50 21,659.35 so far in the day.

"Nifty 50 has closed Wednesday at a five-day low, and the 20-day average placed at 21,320 will act as strong support from current levels. On the higher side, the month opening of 21,700 will act as strong resistance, and a crossover of the same would push the index higher to 22,000 levels," said Vikas Jain, senior research analyst at Reliance Securities Ltd.

"Bank Nifty traded volatile with sharp swings, trending in a range of 400 points, and ends flat to negative near the median range. On the higher side, resistance will be at 48,100, being the short term average, above which we will witness positive momentum in index pivotal," Jain said.

Axis Bank Ltd., Bajaj Finance Ltd., HDFC Bank Ltd., NTPC Ltd., and Reliance Industries Ltd. were contributing to the Nifty.

While, Bharti Airtel Ltd., Bharat Petroleum Corp., Maruti Suzuki India Ltd., HCL Technologies Ltd., and Tata Consultancy Services Ltd. were weighing on the index.

Most sectoral indices on the NSE advanced, with the Nifty Realty rising 5.0% to become the top gainer. Eleven of the 12 sectors advanced, while Nifty IT was the only sector that declined.

Broader markets outperformed benchmark indices, with the S&P BSE Smallcap rising 0.98% and S&P BSE MidCap gaining 1.19% through midday on Thursday.

Eighteen of the 20 sectors compiled by BSE Ltd. advanced, while two declined. S&P BSE Realty was the top gainer, rising 5.41%.

The market breadth was skewed in favour of the buyers. Around 2,636 stocks rose, 1,063 declined and 138 remained unchanged on BSE

Co's petition challenged claim worth Rs 365.33 crorefrom Defence Ministry

Alert: Co had received claim worth Rs 365.33 cr on Dec 11 in relation to a previously concluded settlement

Source: Exchange Filing

• Board manages company with highest standards of corporate governance

• Board manages company with all compliance required by its regulators

• Recent information shared by Burmans in public domain 'far from truth'

• Recent information shared by Burmans can be described as false claims without evidence

• Such misinformation impacts shareholder value & erodes confidence in Indian corporate ethic

• Such misleading information disrupts the operations of the company

• Such misinformation must be dealt with immediately with the highest level of urgency

• We must trust regulators, process and allow the company to operate to its full potential

• Such information misleads stakeholders impacting the share value of the company

• Company is at inflexion point due to tireless efforts of board and management over last five years

• Revival and one-time settlement of RFL was completed via organic collections and payments

• Revival of RFL was completed via payment of over `9,000 cr to the country’s banking system

• Board and management committed to highest levels of governance, ethics and integrity

GM Breweries Q3 FY24 (Y-o-Y)

Revenue up 1.48% at 156.95 crore

Ebitda up 23.8% at 25.39 crore

Margin at 16.17% vs 21.68%

Net profit down 12.8% at 22.6 crore

Source: Exchange Filing

GM Breweries Ltd plunged nearly 7% on Thursday after its net profit in Sep-Dec period declined 12.8% year-on-year to Rs 22.6 crore from 25.92 crore in the corresponding period.

The company's revenue rose 1.48% on an annualised basis to Rs 156.95 crore in the third quarter, while Ebitda rose 23.8% to Rs 25.39 crore.

- Gross advances at Rs 2.4 lk cr as of Dec 31, up 14.9% YoY

- Total deposits at Rs 3.78 lk cr as of Dec 31, up 9.5% YoY

- Total business at Rs 6.17 lk cr as of Dec 31, up 11.6% YoY

- CASA ratio at 49% as on Dec 31, vs 51.2% as on Dec 2022

Source: Exchange Filing

Gets orders for project management consultancy from Navodaya Vidyalaya Samiti

Source: Exchange Filing

• Torrent Power at 10.04 times its 30 day average, up over 9%

• Sobha at 9.53 times its 30 day average, up over 15%

• Johnson Controls at 7.61 times its 30 day average, up over 6%

• Borosil Renewables at 6.68 times its 30 day average, up over 4%

Sun Pharma hits a new all time high on Thursday, extending its rally for the second day.

The scrip rose as much as 1.92% to 1,323.50 apiece, the highest level since Jan. 3. It pared gains to trade 1.89% higher at Rs 1,323.15 apiece, as of 11:35 a.m. This compares to a 0.58% advance in the NSE Nifty 50 Index.

It has risen 31.77% in the last 12 months. The relative strength index was at 81.

Out of 40 analysts tracking the company, 37 maintain a 'buy' rating, 2 recommend a 'hold,' and 1 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 33.2%.

Ajmera Realty and Infra India Ltd shares highest in nearly two years after it incorporated a wholly owned subsidiary in the name of 'New Horizon Acres Private Ltd' on Wednesday.

The new subsidiary was incorporated after the company received approval from the ministry of corporate affairs. The company incorporated the new subsidiary to carry out real estate development and re-development projects.

Ajmera Realty owns 10,000 equity shares, comprising of 100% shareholding of New Horizon Acres Private Ltd.

The scrip rose as much as 7.87% to 477.85 apiece, the highest level since Dec. 20. It pared gains to trade 5.08% higher at Rs 465.50 apiece, as of 11:09 a.m. This compares to a 0.60% advance in the NSE Nifty 50 Index.

It has risen 47% in the last 12 months. Total traded volume so far in the day stood at 6.3 times its 30-day average. The relative strength index was at 65.88.Ajmera Realty and Infra India Ltd shares highest in nearly two years after it incorporated a wholly owned subsidiary in the name of 'New Horizon Acres Private Ltd' on Wednesday.

The new subsidiary was incorporated after the company received approval from the ministry of corporate affairs. The company incorporated the new subsidiary to carry out real estate development and re-development projects.

Ajmera Realty owns 10,000 equity shares, comprising of 100% shareholding of New Horizon Acres Private Ltd.

The scrip rose as much as 7.87% to 477.85 apiece, the highest level since Dec. 20. It pared gains to trade 5.08% higher at Rs 465.50 apiece, as of 11:09 a.m. This compares to a 0.60% advance in the NSE Nifty 50 Index.

It has risen 47% in the last 12 months. Total traded volume so far in the day stood at 6.3 times its 30-day average. The relative strength index was at 65.88.

Puravankara Ltd rose as much as 13.45% to Rs 215.45 apiece, the highest level since Sep 11, 2008. It was trading 11.43% higher at Rs 211.10 apiece, as of 11:19 a.m. This compares to a 0.63% advance in the NSE Nifty 50 Index.

It has risen 132.60% on a year-to-date basis. Total traded volume so far in the day stood at 7.8 times its 30-day average. The relative strength index was at 72.04, which implied the stock is overbought.

One analyst racking the company, maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an downside of 16.8%.

Shares of Reliance Power Ltd jumped to hit its highest level in two years. The scrip rose as much as 14.1% to hit Rs 29.60. In the last 12 months, it has risen 104.57%.

Total traded volume so far in the day stood at 4.5 times its 30-day average. The relative strength index was at 78, indicating that the stock may be overbought.

Shares of Macrotech Developers Ltd surged nearly 8% and touched a life-time high on Thursday as the company acquired 100% stake in Goel Ganga Ventures India Ltd, according to exchange filings.

After the acquisition, Goel Ganga Ventures India will be wholly-owned subsidiary of the company, said the exchange filing. The acquisition will come in to effect from Jan 15.

Scrips of the real estate group surged as much as 7.90% to Rs 1,083.35 apiece, the highest level since Apr 19, 2021, when it was listed on the exchanges. It was trade 6.97% higher at Rs 1,074 apiece, as of 10:41 a.m. This compares to a 0.57% advance in the NSE Nifty 50 Index.

In 12 months, it has risen 100.59% on a year-to-date basis. Total traded volume so far in the day stood at 0.9 times its 30-day average. The relative strength index was at 72.76.

Out of 19 analysts tracking the company, 12 maintain a 'buy' rating, five recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 16.8%.

• Nifty Midcap gains 1.16% intraday

• Gains led by Torrent Power, Godrej Properties and Macrotech

The shares of Vikas Lifecare Ltd. rose on Thursday after it announced acquisition of land in Rajasthan for the purpose of capacity expansion and augmentation of manufacturing operations.

Vikas Lifecare acquired 1,800 sq. mt. land adjoining the existing factories located at RIICO Industrial Area, Shahjahanpur, Rajasthan. The total cost of acquisition and development of the land and the building will be around Rs 3 crore whereas the equipment for the expansion of production capacity will be an additional Rs 23 crore.

The scrip rose as much as 10.68% to Rs 5.70 apiece, the highest level since Nov. 21. It pared gains to trade 7.77% higher at Rs 5.55 apiece, as of 10:25 a.m. This compares to a 0.57 advance in the NSE Nifty 50 Index.

It has risen 18.09% in the last 12 months. Total traded volume so far in the day stood at 7.1 times its 30-day average. The relative strength index was at 68.82.

Angel One Ltd.'s share jump over 7% to hit an all-time high, after the company announced it third quarter business update on Thursday.

The broking firm recorded a 55.5% rise in client base on year-on-year basis and increased at 19.45 million.

Business Update Q3

Client base at 19.45 million, up 55.5% Year-On-Year

Gross Client Acquisition at 2.46 million vs 0.99 million Year-On-Year

Number of orders at 350.35 million, up 54.7% Year-On-Year

Source: Exchange Filing

Angel One's stock rose as much as 7.78%, before paring gains to trade 4.29% higher at 10:23 a.m. This compares to a 0.58% advance in the NSE Nifty 50.

The stock has risen over 170% in the last 12-months.Total traded volume so far in the day stood at 18 times its 30-day average.

All the nine analysts tracking the company maintain a 'buy' rating on the stock, according to Bloomberg data. The average 12-month consensus price target implies a downside of 23.4%.

Shares of Sobha Ltd. jumped to hit its lifetime high after brokerage firm Motilal Oswal raised the their target price to Rs 1,400 from Rs 960 earlier citing the company's sustainable growth outlook on the back of healthy cash flows and profitability.

The scrip rose as much as 15.10% to Rs 1,288.60 apiece, its highest level. As of 10:11 a.m., it traded 11.70% higher to Rs 1,250.50. This compares to a 0.49% advance in the NSE Nifty 50 Index.

It has risen 114.68% on a year-to-date basis. Total traded volume so far in the day stood at 20 times its 30-day average. The relative strength index was at 78.23, indicating that the stock may be overbought.

All 17 analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an downside of 19.4%.

The shares of Torrent Power rose on Thursday to touch a new life high after the company signed a memorandum of understanding worth Rs 47,350 crore with the Gujarat government.

The scrip rose as much as 13.52% to 1,028.70 apiece, to touch a new life high. This is the highest level since Dec. 8, 2023. It pared gains to trade 11.84% higher at Rs 1056.15 apiece, as of 9:57 a.m.

It has risen 118.73% in the last 12 months. Total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 71.

Out of 11 analysts tracking the company, 3 maintain a 'buy' rating, 3 recommend a 'hold,' and 5 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 123.2%.

Ujjivan Small Finance Bank Ltd rose over 6% on Thursday as it said to the exchanged its total deposits grew 29% on year in Q3 of ongoing financial year.

Shares of the company surged 6.42% to Rs 60.50 apiece, the highest level since Dec 20. It pared gains to trade 3.96% higher at Rs 59.10, compared with a 0.42% advance in the NSE Nifty 50 Index.

It has risen 95.86% in the past 12 months. Total traded volume so far in the day stood at 5.7 times its 30-day average. The relative strength index was at 59.31.

Fifteen analysts tracking the company maintain a 'buy' rating, according to Bloomberg. The average 12-month consensus price target implies an upside of 6.1%.

The scrip rose as much as 13.3% to hit its lifetime high of 984.90. It has risen 108.75% in the last 12 months. Total traded volume so far in the day stood at 4.2 times its 30-day average. The relative strength index was at 74.44, indicating that the stock may be overbought.

Out of 15 analysts tracking the company, 14 maintain a 'buy' rating and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 16%.

Shares of Bajaj Finance rose on Thursday after the company's assets under management crossed the Rs 3 lakh crore mark for the first time.

The company's AUM for the December quarter was saw a jump of 35% to 3.11 lakh crore the Bajaj Finance announced on Wednesday through an exchange filing. The AUM grew by 20,700 crore in the third quarter.

The scrip rose as much as 4.59% to 7723.95 apiece, the highest level since December 20. It pared gains to trade 4.45% higher at Rs 7713 apiece, as of 9:35 a.m. This compares to a 0.38 advance in the NSE Nifty 50 Index.

It has risen 5.08% on a year-to-date basis. Total traded volume so far in the day stood at 6.3 times its 30-day average. The relative strength index was at 63.27.

Out of 35 analysts tracking the company, 27 maintain a 'buy' rating, 4 recommend a 'hold,' and 4 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside/upside of 15.5%.

Adani Group stocks added as much as Rs 30,780.36 in investor wealth, taking their total market capitalisation to Rs 15.39 lakh crore, intraday.

At 9:19 AM, the shares added Rs 15,178 crore in market value taking the capitalisation to Rs 15.24 lakh crore.

Benchmark equity indices saw a higher opening today after ending lower in the last two sessions on the back of gains in IT and banking stocks.

At pre-open, the S&P BSE Sensex Index was at 71,693.87, up 337.27 points or 0.47% while the NSE Nifty 50 was at 21,605.80, up 88.45 points or 0.41%.

"Traders should continue to book profits at higher levels and buy only on dips with strict stop losses," said Deven Mehata, derivative analyst at Choice Broking. "Any market declines will provide an opportunity for investors to purchase high-quality stocks."

"On the higher side the month opening of 21700 will act as strong resistance and crossover of the same would push the index higher to 22,000 levels," said Vikas Jain, senior research analyst at Reliance Securities.

Shares of Bajaj Finance Ltd., Infosys Ltd., Axis Bank Ltd., Reliance Industries Ltd., and NTPC Ltd. contributed the moat to the gains. Meanwhile, those of Tata Consultancy Services Ltd., HCL Technologies Ltd., Bajaj Auto Ltd., Maruti Suzuki Ltd., and State Bank of India weighed on them.

All sectoral indices gained except Nifty Media with Nifty Realty and Nifty IT gaining the most. Nifty Media was 0.10% lower.

The broader markets outperformed as both the BSE MidCap and BSE SmallCap was 0.84% higher. All 20 sectors compiled by the BSE advanced.

The market breadth was skewed in the favour of buyers. As many as 2,363 stocks advanced, 624 declined and 97 remained unchanged on the BSE.

• Client base at 19.45 mn, up 55.5% YoY

• Gross Client Acquisition at 1.05 mn vs 0.33 mn YoY

• Number of orders at 137.24 mn, up 59.2% YoY

Source: Exchange Filing

At pre-open, the S&P BSE Sensex Index was at 71,693.87, up 337.27 points or 0.47% while the NSE Nifty 50 was at 21,605.80, up 88.45 points or 0.41%.

The yield on the 10-year bond opened flat at 7.21% on Thursday.

Source: Bloomberg

• The local currency weakened 2 paise to open at 83.31 against the U.S dollar on Thursday.

• It closed at 83.29 on Wednesday.

Source: Bloomberg

• Customer franchise at 8.04cr, up 5% QOQ, up 22% YOY

• 38.5 lakh new customers added in Q3FY24

• New loans booked at 98.6 lakh, up 26% YOY

• AUM at 3.11 lakh crore, up 7% QOQ, up 35% YOY

• AUM grew by 20,700 crore in Q3FY24

• Net liquidity surplus at 11,600cr

• Deposit book at 58,000 crore, up 35% YOY

• Maintain buy at TP of Rs 1250 (vs Rs 920 earlier)

• Expects Supreme Court verdict in favour to ease further refinancing plans

• Belives ADSEZ is one acquisition away from achieving its target of 500mmt by FY25

• Revises ADSEZ FY24E throughput to 411mmt and FY24-26E profits by 1-2%

• Expect ROIC to increase from 13% in FY23 to 17% in FY26

• Prefers ADSEZ over JSWINFRA (Hold rating)

(Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

Morgan Stanley

• Overweight; TP: 1850

• Loan growth remains healthy, QOQ growth moderates

• Deposits from retail customers continues to show healthy growth

• Loans to deposits at 88.6% vs 87.7% QOQ

• Loan mix, margin progression, asset quality in focus ahead of results

Citi

• BUY; TP: 1630

• Loan growth within the guided range of 18-23%

• Retail advances and the small/mid corporate segments could have driven advances growth

• LDR expands as deposit growth lags advances growth

• Expect stable NIMs, ROA and ROE: NIM/RoA/RoE at >4.2%/1.8%/15%

Jefferies

• BUY; TP: 2070; TOP PICK

• Loan growth healthy, deposit growth slower

• Bank has used surplus liquidity and refinance lines

• Retail deposits were ~90% of incremental deposits

• CASA growth slow as switch to term deposits continues

• Become more selective on IT, see limited telecoms upside

• Risk/reward for stocks becoming balanced across TMT

• See room for further upside in India Internet (Zomato/MakeMyTrip)

• Selectively prefer IT stocks (Infosys/Cyient)

• Remain equal-weight on Bharti Airtel

• Expect industry repair cycle to continue

• ARPUs for Bharti Airtel to improve Rs 250 (from Rs 203 in Q2) over next 2-3 years

• Raise Delhivery to OW on improving growth trends, strong operating leverage

• Downgrade HCLT/LTIM to EW on strong outperformance

• Key UWs: Wipro, Tech M in large caps; LTTS/Tata Elxsi among mid-caps

• Infosys: Maintain OW with price target of Rs 1,700 (earlier Rs 1,600)

• TCS: Maintain EW with price target of Rs 3,900 (earlier Rs 3,590)

• LTIM: Cut to EW from OW with price target of Rs 6,400 (earlier Rs 5,900)

• HCLT: Cut to EW from OW with price target of Rs 1,470 (earlier Rs 1,400)

• Wipro: Maintain UW with price target of Rs 405 (earlier Rs 370)

• Tech M: Maintain UW with price target of Rs 1,110 (earlier Rs 1,090)

• Cyient: Maintain OW with price target of Rs 2,600 (earlier Rs 2,300)

• Mphasis: Maintain EW with price target of Rs 2,700 (earlier Rs 2,350)

• Tata Elxsi: Maintain UW with price target of Rs 7,500 (earlier Rs 6,400)

• LTTS: Maintain UW with price target of Rs 4,600 (earlier Rs 4,000)

• Zomato: Maintain OW with price target of Rs 150 (earlier Rs 140)

• MMYT: Maintain OW with price target of $54 (earlier $46.5)

• Delhivery: Raise to OW from EW with price target of Rs 455 (earlier Rs 440)

• Bharti Airtel: Maintain EW with price target of Rs 1,015 (earlier Rs 1,015)

• U.S. Dollar Index at 102.50

• U.S. 10-year bond yield at 3.92%

• Brent crude up 0.40% at $78.56 per barrel

• Nymex crude up 0.61% at $73.14 per barrel

• GIFT Nifty was up 22.5 points or 0.10% at 21,627.5 as of 8:20 a.m.

• Bitcoin was down 0.49% at $42,728.57

• Price band revised from 20% to 10%: Sun Pharma Advanced Research.

• Moved into a short-term ASM framework: Sun Pharma Advanced Research.

• Nifty January futures down by 0.74% to 21,600 at a premium of 82.65 points.

• Nifty January futures open interest up by 0.01%.

• Nifty Bank January futures up by 0.12% to 47,931 at a premium of 227 points.

• Nifty Bank January futures open interest down by 12.5%.

• Nifty Options Jan 4 Expiry: Maximum Call open interest at 22,000 and Maximum Put open interest at 21,500.

• Bank Nifty Options 10 Jan Expiry: Maximum Call Open Interest at 50,000 and Maximum Put open interest at 47,500.

• Securities in ban period: Balrampur Chini Mills, Delta Corp, Hindustan Copper, Indian Energy Exchange, National Aluminium, SAIL, Zee Entertainment.

• Cupid: Minerva Ventures Fund bought 0.75 lakh shares (0.56%) at Rs 1,193.15 apiece.

• Info Edge: Promoter group Endeavour Holding Trust sold 32,000 shares on Dec. 29.

• Sterling and Wilson Renewable Energy: Promoter Shapoorji Pallonji and Company created a pledge for 6.16 lakh shares on Dec. 29.

• Adani Ports and Special Economic Zone: The company approved raising Rs 5,000 crore via non-convertible debentures. The company also approved the redesignation of Gautam Adani as executive chairman, the re-designation of Karan Adani as managing director, and the appointment of Ashwani Gupta as CEO, effective from Jan. 4.

• Religare Enterprises: The Burman family has called for a probe into the allotment of shares of Religare Finvest to Rashmi Saluja through employee stock ownership plans.

• Power Finance Corp.: The company signed a MoU with the Gujarat Government for projects worth Rs 25,000 crore.

• Vedanta: The company recorded aluminium output at 599 KT, up 6% YoY, refined zinc output at 203 KT, down 4% YoY, and oil & gas average gross operated output at 1,23,413 boe/day, down 15% YoY. It also raised Rs 3,400 crore via the private placement of NCDs. Vedanta Resources has received support from bondholders for its proposal to restructure four series of bonds.

• Telecom Companies: Bharti Airtel's net subscriber additions dropped in October to 3.52 lakh. Reliance Jio added 31.59 lakh wireless subscribers, while Vodafone Idea lost 20.44 lakh wireless subscribers.

• Life Insurance Corp.: The company received tax and penalty demands worth Rs 667.5 crore from Tamil Nadu, Uttarakhand and Gujarat tax authorities.

• Maruti Suzuki India: The company's unit received an adjudication order from the Gujarat GST Authority upholding the Rs 174 crore GST demand. The unit will be filing an appeal against the order with the first appellate authority.

• IndusInd Bank: The private lender recorded deposits at Rs 3.68 lakh crore as of Dec. 31, up 13% YoY, and net advances at Rs 3.26 lakh crore, up 20% YoY. The bank's CASA ratio stood at 38.5% vs. 42% YoY.

• Steel Authority of India: The government decided to scrap the privatisation of the company's Salem Steel Plant in Tamil Nadu.

• Bank of Baroda: The lender signed an accord with REC to fund power and infrastructure projects.

• Grasim Industries: The company's Canada joint venture stops pulp production, citing market conditions.

• KPI Green Energy: The company, along with its unit KPIG Energia, under the captive power producer segment, received new orders of 2.10 MW for executing solar power projects from Radhey Krishna Terene and Jay Metal Tech.

• LTIMindtree: The company received a Rs 206 crore tax demand from Mumbai tax authorities.

• MRF: The company will buy a 27.2% stake in First Energy 8 for Rs 35.8 crore to enhance its source of renewable power supply.

• Zomato: The company’s Poland unit, Gastronauci SP. Z.O.O., initiated the process of liquidation on Jan. 2, 2024.

• BGR Energy Systems: SBI has classified its Rs 2,060-crore credit exposure to the company as sub-standard.

• Ujjivan Small Finance Bank: The company recorded total deposits of Rs 29,869 crore, up 29% YoY, and disbursements of Rs 5,675 crore, up 17% YoY. The bank's CASA ratio stood at 25.3% vs. 26.2% YoY.

• NHPC: The company signed a MoU with Gujarat Power Corp. for investing Rs 4,000 crore in the 750 MW Kuppa Pumped Storage Project.

• Ajmera Realty and Infra India: The Ministry of Corporate Affairs approved the incorporation of a wholly owned subsidiary in the name of New Horizon Acres.

• Torrent Power: The company signed four Memorandums of Understanding worth Rs 47,350 crore with the Gujarat government.

• Vikas Lifecare: The company expanded its operations with the acquisition of 1,800 sq. metres of new land in Rajasthan.

• Chambal Fertiliser: The company will consider a share buyback on Jan. 8.

• Indian Energy Exchange: The company recorded Q3 overall volume at 28,326 MU, up 16.9% YoY, and December overall volume at 9,707 MU, up 14.9% YoY. The company's December total electricity volume was 8,655 MU, up 8.7% YoY.

• Surya Roshini: The company received an order worth Rs 72 crore from the Odisha Urban Infrastructure Development Fund for the project and maintenance of the LED Street Lighting Project in 16 urban local bodies.

Markets in the Asia-Pacific region were trading lower in early Thursday, taking clues from the decline on Wall Street as the U.S. Federal Reserve's December meeting minutes suggested interest rates were going to stay elevated for a long time.

Share indices in Japan were mixed as they opened after a holiday break on Thursday. Topix traded 0.1% higher when Nikkei lost over 1%.

Brent crude was trading 0.42% higher at $78.58 a barrel. Gold was up by 0.1% at $2,043.81 an ounce as of 07:44 a.m.

The GIFT Nifty was trading 22.5 points or 0.10% higher at 21,627.5 as of 8:20 a.m.

India's benchmark stock indices ended lower for a second day in a row on Wednesday, weighed by losses in index heavyweights HDFC Bank Ltd., Infosys Ltd., and Reliance Industries Ltd.

The BSE Sensex ended 0.75%, or 535.88 points, lower at 71,356.60, while the NSE Nifty 50 declined 0.69%, or 148.45 points, to close at 21,517.35.

Overseas investors became net sellers of Indian equities on Wednesday. Foreign portfolio investors offloaded stocks worth Rs 666.3 crore, while domestic institutional investors remained net sellers and sold equities worth Rs 862.9 crore, the NSE data showed.

The Indian rupee strengthened 3 paise to close at Rs 83.29 against the U.S. dollar on Wednesday.